Facebook Explores Making NFT Features Alongwith Digital Wallet

Facebook Inc. is think about building products and features regarding to nonfungible tokens, or NFTs. The digital benefits that have taken off with the hike of blockchain technology.

 Facebook executive David Marcus said“We are definitely looking at the number of ways to get involved in the space because we think we’re in a really good position to do so” .On tuesday in an interview on Bloomberg Television.

Social network is ‘definitely looking’ at digital assets as part of push into financial products, executive says

Marcus leads Facebook Financial, or F2, the internal group making the company’s Novi digital wallet. That wallet could be used to hold NFTs.He also said. “When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs,”.

He added. “We’re definitely thinking about this.” He wasn’t more accurate about what kinds of NFT-related products Facebook might create.

Facebook’s digital wallet is “ready now,” but the company has been waiting to launch it until it can do so alongside Diem, the digital currency previously known as Libra, which Marcus co-founded from within Facebook in 2019.

Marcus said,

Marcus said “Facebook would consider launching the Novi wallet without Diem as a last resort,”

Plans are for Diem to offer a so-called stablecoin backed by the U.S. dollar. But it’s unclear when the coin will be introduced.

The project faced immense pushback from lawmakers and regulators when it was unveiled, and while Facebook is still a partner on the project, Diem is now run independently.

He believes that both are necessary to change the way people make payments. The social media giant’s hope is that people will use Facebook’s wallet to transfer Diem, which could reduce costly fees and lower the time it takes to send money cross-border.

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